Last week, we witnessed several very positive events for the crypto currency industry, with four countries recognizing Bitcoin (BTC) and other crypto currencies as legal tender or a financial instrument.
- South Korea’s financial regulators passed new legislation governing Bitcoin (BTC) and crypto trading in the country
- Commercial Court of Nanterre, France, ruled that Bitcoin is a legal form of money
- India’s Supreme Court overturned the Crypto ban by the Reserve Bank of India that was issued in 2018
- In the past week, Germany also classified Bitcoin as a financial instrument
- The above developments provide an avenue for other countries to draft and pass crypto-friendly legislation for they now have templates and known procedures to follow
The above examples show the way for other countries to draft and approve (friendly to) cryptography legislation. Now they already have templates and procedures that can be used in their decisions.
More Governments Will Embrace Bitcoin and Crypto
With the above major developments happening in a span of one week, we can predict that other governments that had been considering Bitcoin and crypto regulation will provide similar regulatory frameworks for their respective jurisdictions. They now have templates to draft their own individual crypto regulations. Also, Crypto enthusiasts now have a case study in India in situations where their individual governments decide to ban BTC and crypto trading in their respective jurisdictions.
In the case of Germany and France, both countries are considered as financial ‘heavyweights’ in the European Union. Their influence in the financial bloc of countries that make up the Union might persuade other member states to take up similar regulatory frameworks when it comes to Bitcoin and crypto trading.
Briefly analyzing South Korea, the country joins its Asian-Pacific partners of Japan and Australia in recognizing the potential of BTC and other cryptocurrencies as forms of investments.
Further taking a look at India, its citizens and crypto industry leaders challenged in Court and succeeded in overturning the April 2018 ruling by the RBI that banned all crypto-related activities in the country. This sets precedent for other crypto enthusiasts and stakeholders to legally challenge bans and restrictions in their respective countries.